Foreign capital flows into Nigeria rise to $1.46bn in Q3

Foreign capital flows into Nigeria rose by 12.86 percent to $1.46 billion in the third quarter of this year compared to Q2, the National Bureau of Statistics said on Monday.

The NBS, in its capital importation report for Q2 2020, however, said the total value of capital importation into the country in Q3 was 74.03 percent lower than what was recorded in the same period of 2019.

It said foreign direct investment accounted for 28.38 percent ($414.79 million) of the total capital imported into the country in the period under review while portfolio investment accounted for 27.87 percent ($407.25 million).

“The largest amount of capital importation by type was received through other investment, which accounted for 43.75 percent ($639.44 million) of total capital importation,” the statistics office said.

It said the United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2020 with $594.65 million, accounted for 40.69 percent of the total capital inflow.

The NBS said Lagos State emerged as the top destination of capital investment in Q3 with $1.21 billion, accounting for 82.71 percent of the total capital inflow.

It said, “By bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q3 2020 with $438.98 million. This accounted for 30.04 percent of the total capital inflow in Q3 2020.

“By sector, capital importation by production dominated in Q3 2020 reaching $400.09 million of the total capital importation in Q3 2020.”